Upon request from a third party administrator, the Director of the Department of Consumer and Business Services may waive requirements established pursuant to ORS § 744.706 for information to be included in or with the application if the third party administrator has a valid license or other document of authority as a third party administrator issued in a state having requirements for third party administrators that the director determines to be sufficiently similar to the requirements established under ORS § 744.706 so that the filing of the information would serve little or no regulatory purpose. [1991 c.812 § 6]